Stocks overall were higher in Europe, mixed in Asia and emerging markets and crept higher in the U.S.
The action with defensive sectors were weak today and rotation to greater risk areas suggest a potential rally could occur.
Economic data today was mixed.
In the Eurozone PMI Services was weaker but bulls in Europe believe with all their hearts that Draghi will give them QE to satisfy their needs. PMI Services fell to 55.2 vs prior 57.1 while ISM Non-Mfg Index rose to 59.3 vs prior 57.6.—bulls chose the latter. The ADP Employment Report dropped to 208K vs prior 233K. Lastly Productivity & Costs showed the former with another rise at 2.3% vs prior 2% & latter at -1.0% vs prior